Future•Singapore is an initiative for growth aimed at playing to Singapore’s strengths. It refers to “The Future in Singapore” and “Singapore in the Future”. “The Future in Singapore” refers to Singapore as a working model for the world’s new ideas and products. As such, the nation is always being progressive with the testing and refining of fresh ideas. Singapore is poised as an early adopter to pave the way for the future due to several factors:
Because of our core attributes of Trust, Knowledge, Connected and Life, we are well positioned for growth in the new economic environment.
Because of our living environment, multi-racial and religious make-up and open immigration policies, we are opened to new ideas, cultures and innovations. Singapore is now abuzz with activities ranging from F1, to the upcoming IRs, to the Youth Olympics in 2010. The arts scene is flourishing. Talent from all over the world will feel welcomed and have a chance to participate in, and make, the future. Residents will feel proud of being part of Singapore, the city of the future.
Because we are a microcosm of Asia, businesses can test new products and services on a sample of Asia’s population right here in Singapore, to learn about differences in taste and preference between different cultural and national backgrounds. For example, lifestyle products, food and health prescriptions can be pilot tested here to assess viability for countries like India and China.
Because of our reputation as a trusted hub (robust IP regime, transparent government, consistent and predictable pro-business policies), businesses are willing to come to Singapore to innovate new products and services.
Because of our supportive business environment, growing middle class, well-educated population and success as an international talent magnet, Singapore can be the place where new ideas and concepts are nurtured and grown into future businesses.
Future•Singapore is the helm for us to dream, design and deliver. In engaging entrepreneurs to use Singapore as a living laboratory to test their solutions, Future•Singapore makes it possible for us to move forward in the world. As such, EDB has identified opportunities in the following business growth areas where Singapore requires good solutions, and can serve as a test bed for new ideas:
Urban Solutions
Health, Wellness & Ageing
Lifestyle Products & Services
Urban solutions
As rapid urbanisation takes place around the world, EDB seeks to work with companies to develop future-oriented solutions to challenges cities face becoming urban centres. We develop platforms that companies can tap into to test, and develop and adapt solutions in areas such as green building technology, water, engineering services, transport and e-governance.
In essence, Singapore serves as a “Living Lab” where leading-edge urban solutions can be developed and exported elsewhere.
Water is an excellent illustration of this concept in action. Singapore’s limited water resources have motivated us to innovate and develop new water management technologies. The Public Utilities Board (PUB) developed the Ennovate program as a platform for companies to test-bed their latest technologies, such as the world’s first 16-inch reverse osmosis membrane systems. Companies such as GE, Siemens and Nitto Denko are tapping into PUB’s infrastructure to test various leading-edge water technologies and have established global R&D centres here. Homegrown water treatment company Hyflux has implemented innovative water solutions in Singapore and it is now exporting successfully to markets such as China and the Middle East.
An acknowledged thought leader in urban transport, Singapore is the world’s first country to implement an electronic road toll collection system (ERP) for congestion pricing in 1998, subsequently inspiring similar systems in cities such as London. Under the Land Transport 2020 Masterplan, the Land Transport Authority looks towards innovative ways of creating a people-centric land transport system.
Beyond traffic management, sustainable mobility is another key interest area. Automotive companies are using Singapore to test their latest sustainable mobility solutions. For example, Daimler started testing their A-class fuel cell cars here in 2004. In 2007, they partnered with Bosch to test biodiesel cars. By 2010, Daimler will test next-generation B-class fuel cell cars.
Besides water and transportation, there are many opportunities in urban solutions areas such as public housing, waste management, e-governance and security. These solutions make cities work and are in strong demand worldwide. EDB aims to create a conducive environment in Singapore in which government agencies and private organisations collaborate to develop and implement innovative urban solutions for the rest of the world.
Health, wellness & ageing
By 2050, the United Nations expects the world’s population aged 60 years and above to be three times that of today. This demographic change will create serious socio-economic challenges in the future. Coupled with a growing interest in health and wellness, especially for the ageing population, EDB sees the potential to transform this silver challenge into a golden opportunity.
In Asia, the spending power of the silver market is projected to increase greatly. To explore this vast market, the Singapore Government established the Silver Industry Committee (SIC), which provides a platform for thought leaders from around the world to share their experiences and ideas on capturing the silver dollar. The Silver Community Test-bed programme also provides companies with a unique opportunity to try out their age-friendly solutions in a ‘live’ residential setting.
As Singapore adopts an integrated-care approach to provide good and affordable healthcare and to find ways to tackle the challenges of an ageing population, we welcome innovation that can achieve improved clinical outcomes and enable even better cost and operational efficiencies in the healthcare system.
Companies from industries as diverse as IT systems, medical equipment, pharmaceuticals, nutrition and consumer lifestyle will be able to work with healthcare service providers to develop and test their new products and business models. They can also look forward to tapping on our strong foundation in basic biomedical sciences research as well as our investment in translational clinical research to augment their research efforts.
Through these initiatives and platforms, Singapore offers a “living lab” in which companies can realise the value of synergistic collaborations before exporting health and wellness solutions to regional and global markets. In this, EDB helps transform health and wellness concepts into ideas, and ideas into innovative businesses, which will help both Singapore and the world.
Lifestyle products & services
As one of the world’s best places to live (2007 ECA International Survey), Singapore has its finger on the pulse of global lifestyle demands. Its cosmopolitan population is a trendsetter and barometer for global lifestyle needs. Coupled with the best business environment in the world (EIU Country forecast 2008), Singapore is a natural launch pad and international hub for lifestyle businesses looking for global success.
Lifestyle concepts and products can be tested and refined in Singapore before they are rolled out to markets in Asia and the world. The nation’s openness to foreign talent and the presence of internationally renowned educational institutions that provide top-of-class training opportunities ensure the build up of in-depth expertise in specialised areas.
Lifestyle companies can also tap into Singapore’s world-class business infrastructure to manage and drive their international businesses. A vibrant MICE (Meetings, Events, Conventions and Exhibitions) calendar includes the world’s first Formula One night race in 2008 and the inaugural Youth Olympic Games in 2010. These events help drive the momentum and pace of lifestyle developments in the vibrant city-state.
Spink is the world’s leading auctioneer of coins, stamps, medals and banknotes. The company has chosen Singapore as its springboard into Asia’s growing collectibles market because of the availability of a dedicated and high-quality workforce, and the vibrant and cosmopolitan culture.
MP & Silva, a leading international sports agency which manages the event and media rights for one of the world’s most lucrative professional football leagues – the Italian Serie A - established its Middle East and Asia headquarters in Singapore to drive the commercialisation and management of event and media rights in the region.
Singapore is also the choice for Life Fitness, a global fitness equipment and solutions company. The company’s R&D facility in Singapore is the company’s only significant research effort outside its home base in the United States.
These businesses are a validation of the Future•Singapore concept, a testimony that Singapore is being used as a test bed and an international hub for lifestyle businesses that influence the way we live, work and play, today and tomorrow.
